Oct. 1, 2013, 12:58 PM
- Fitch is calling a gold rebound unlikely and saying that it no longer believes in a $1,200 gold price floor, and as a result expects gold producers to reassess their dividend policies.
- Fitch thinks gold at $1,000/oz. would put the ratings of some gold miners under significant pressure if no serious cost cutting and cash conservation measures are taken.
- Recall that Barrick Gold (ABX -3.2%) cut its last dividend to $0.05 from $0.20, Kinross Gold (KGC -2.5%) suspended its dividend over the summer, and Gold Fields (GFI -3.2%) said in August it would not declare an interim dividend.
- Also: NEM -3.7%, SLW -3.4%, GG -3%, AU -3% AUY -2.9%, CDE -2.4%, IAG -2.3%, AUQ -2.1%, HMY -1.7%, NGD -1.5%.
- ETFs: GDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING, GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI.
Sep. 24, 2013, 2:36 PM
- Silver Wheaton (SLW -0.3%) is interested in securing a streaming contract for future output of precious metals from Glencore’s (GLCNF.PK) Las Bambas copper mine in Peru, CEO Randy Smallwood says on the sidelines of the Denver Gold Forum.
- "It's definitely a project that's got healthy margins," Smallwood says, adding that ~5% of the revenue from Las Bambas comes from gold and silver.
- Glencore is selling the mine as part of an agreement to win Chinese regulatory approval for its takeover of Xstrata earlier this year.
Sep. 20, 2013, 3:57 PM
- Miners (GDX -5.2%) are one of the day's worst performing stock sectors amid significant weakness in precious metals, as gold settled 2.7% lower at $1332.50/oz. - but that's still a 1.8% gain for the week.
- Goldman Sachs initiated coverage of several gold stocks earlier this morning:
- Started with a Buy rating: Yamana Gold (AUY -6%), Goldcorp (GG -3.6%).
- Initiated at Neutral: Barrick Gold (ABX -3.8%), Newmont Mining (NEM -4.9%), Agnico-Eagle Mines (AEM -6.4%), Royal Gold (RGLD -7%), New Gold (NGD -7.3%).
- Started at Sell: Kinross Gold (KGC -6.4%), Eldorado Gold (EGO -7.9%), IAMGOLD (IAG -11.5%).
- Also: Silver Wheaton (SLW -5.3%) was started at Buy, Pan Am Silver (PAAS -5.3%) with a Neutral.
- Other ETFs: GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING.
Aug. 28, 2013, 11:59 AM
- Energy stocks (XLE +1.9%) lead the way this session as West Texas crude tests $110, with tensions over Syria continuing to feed Middle East supply concerns; Syria concerns and Libyan export cuts are trumping the bearish influence from a surprise gain for U.S. crude supplies.
- Among sector leaders: MRO +3.3%, EOG +3.1%, CVX +2.5%, TOT +2.4%, WLL +2.4%, APC +2.2%, RDS.A +2.1%, XOM +2.1%, HAL +2%, SLB +2%, COP +1.8%, PSX +1.7%, BP +1.6%, APA +1.6%, HES +1.5%, KOG +1.3%.
- ETFs: ERX, VDE, DIG, IEO, IEZ, IYE, PXE, PXI, XES, XOP, RYE, FXN, OIH, PXJ, PSCE, ERY, DUG, DDG, FRAK.
- After big losses yesterday, gold miners (GDX +2.4%) are strong today despite only a slight gain in the metal.
- Miners: ABX +3.6%, GG +3.2%, NEM +2.2%, KGC +2%, SLW +2%, GFI +1.2%.
Aug. 27, 2013, 5:15 PM
- Gold (GLD +0.9%) benefited from today's risk-off investment climate but gold stocks are stocks first and gold plays second (if that), as the miners (GDX -4.2%) finished among the day's worst performers; they also tend to get hit hard by rising oil prices.
- BVN -6.8%, NGD -6.1%, CDE -5.7%, AUQ -5.6%, IAG -5.3%, SLW -4.9%, KGC -4.4%, AUY -4.4%, GG -4.3%, RGLD -4.2%, NEM -3.5%, ABX -3.4%, AU -3.1%, GFI -2.5%, HMY -2%.
- ETFs: GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING, SIL, SLVP, SILJ.
Aug. 14, 2013, 5:38 PM
- More on Silver Wheaton's (SLW) Q2 results: Reports record attributable silver equivalent production of 8.6M oz. (6.4M oz. of silver and 35.6K oz. of gold), up 28% Y/Y from 6.7M oz. in the year-ago quarter.
- Silver equivalent sales of 7.2M oz. (5.1M oz. of silver and 33.9K oz. of gold), up 4% from 6.9M oz. in the year-ago quarter.
- Average cash costs were $4.14 per silver oz., $391 per gold oz.; on a silver equivalent basis, average cash costs rose to $4.77 vs. $4.06 a year ago due primarily to an increase in the percentage of revenue from gold sales.
- Shares -1.5% AH.
Aug. 14, 2013, 5:14 PM
Aug. 14, 2013, 5:09 PM| Comment!
Aug. 14, 2013, 12:10 AM
Aug. 13, 2013, 5:35 PM
Aug. 12, 2013, 9:28 AM
- Gold and silver mining stocks are trading higher after the SPDR Gold ETF (GLD +2.1%) logs its first increase in holdings since June: HMY +4%, EGO +3.7%, IAG +3.6%, AUY +3.4%, HL +3%, GDX +2.6%, KGC +2.5%, SLW +2.4%, ABX +2.2%, SLV +2%, GFI +2%, NEM +1.7%.
- December Comex gold +2.2% to $1,341.50/oz.
- ETFs: GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING, SIL, SILJ, SLVP.
Jul. 24, 2013, 3:34 PMGold prices (GLD -1.7%) suffer their biggest single-session drop in nearly three weeks, pressured by strength in the U.S. dollar and a surge in new U.S. home sales last month. It's a bad day for the miners (GDX -6.2%) too: ABX -6.3%, GFI -4.8%, GG -5.8%, NEM -5.6%, KGC -6.1%, NGD -3.4%, EGO -6.4%, AUY -6.6%, AEM -7.6%. Silver miners (SIL -5.4%): SLW -4.7%. | 12 Comments
Jul. 22, 2013, 10:14 AMMetal miners is the strongest sector in early trading as gold futures climb as high as $1,325/oz.: GDX +4.9%, GDXJ +5.8%, NUGT +15.1%. Newmont Mining (NEM +4.6%) tops all S&P 500 gainers; also RGLD +6%, ABX +5.3%, GG +4.6%, KGC +4.6%, BVN +4.2%, GFI +3.8%. Silver miners (SIL +4.4%): CDE +7%, SLW +5.6%, HL +3.2%. | 5 Comments
Jul. 16, 2013, 3:18 PMGold (GLD +0.4%) gains again, sending the price to a 3-week high of $1,290/ounce and the miners (GDX +4.2%), (PSAU +3.3%) are responding. "Never let a serious crisis go to waste," says the JPMorgan team, paraphrasing Rahm Emanuel. The bear market is forcing managements to not only cut costs, but to consider restructuring from "a shape that was optimized for the 12 year bull market in gold to one that is more suited to a future with less available liquidity." Barrick (ABX +5.2%), Goldcorp (GG +3.9%), Gold Fields (GFI +4.4%), NovaGold (NG +3.2%). Don't forget the silver miners (SIL +3.1%): Hecla (HL +4.5%), Silver Wheaton (SLW +3.9%), Coeur (CDE +5.8%). | 3 Comments
Jul. 15, 2013, 9:06 AMBarrick Gold's (ABX +0.8%) Pascua-Lama gold mine in the Andes is set to receive yet another a blow, with a Chilean court expected to unanimously order the continued suspension of work on the $8.5B project. The court, which is due to rule today, froze construction at the site in April to consider claims by indigenous communities that the work has damaged glaciers and water supplies. Barrick will probably appeal a negative ruling, which could also affect Silver Wheaton (SLW) and Royal Gold (RGLD). | 11 Comments
Jul. 11, 2013, 10:09 AMThe materials sector is a big early outperformer, showing all-around strength among steelmakers (SLX +3.4%) and gold miners (GDX +5%) after Bernanke indicated the Fed is unlikely to scale back stimulus earlier than expected. GFI +8.4%, ABX +6%, RIO +5.9%, GG +5.2%, SLW +5.1%, BHP +5.1%, MT +5%, HL +4.6%, SLV +4.8%, HL +4.8%, CLF +4.5%, NEM +3.4%, FCX +3.2%, X +2.4%. | 3 Comments
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